Breaking News: Ryder target of takeover attempt by private equity firm

Ryder System is the target of a takeover attempt by a private equity company.

HG Vora Capital Management, with its headquarters in New York City, filed a 13-D form with the Securities and Exchange Commission Friday morning that said it was proposing to acquire all the shares of Ryder (NYSE: R) at a price of $86 per share. According to the filing, that represents a 24.8% premium to the 30-day trailing average of the stock and a 20.3% premium to the closing price of Ryder on Thursday.

Ryder’s shares surged on the news. The market price of Ryder stock, just before 11:30 a.m. Friday, had risen $13.32 per share to $84.80, an increase of 18.63%. That is slightly less than the amount HG Vora Capital is offering.

Ryder’s market capitalization is approximately $3.65 billion. 

In its filing, Vora Capital said it believes Ryder’s shares are undervalued. Prior to Friday’s surge, Ryder’s stock had declined to $71.48 per share from a November high of $87.08. 

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